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In 32 years since privatisation £78bn has been paid out of utilities
Also in today’s newsletter, US earnings look fine (but only fine)
Meta’s move to start the payouts could signal an upcoming switch in investor mindset
Social media giant joins Apple and Microsoft in offering payout to placate investors concerned about big R&D spend
Oil major announces further $3.5bn of share buybacks as 2023 profits top $28bn
Yet UK company payouts outstrip returns on 10-year gilts
But nine companies out of 10 have raised or held payouts steady
Net asset value financing adds new layer of debt amid surging borrowing costs
Problems at Thames show how sector was reshaped by financial engineering
(Does this mean AI isn’t going to save us after all?)
Companies analysis from our sister publication
Payouts to rise to $1.64tn in 2023 boosted by special bonuses from likes of Ford and VW
Payments include internal transfers between complex web of holding companies
CEO says bank better off returning money to shareholders but analysts expect lender to examine acquisitions
While financial accounts may be distorted by rising prices, the squeeze on corporate cash flow is more bearable
Income thresholds have been frozen since 2021
Investors should think in multiple years, not months
Recent US employment and inflation data hint that US rates will not fall soon
Payouts likely to fall as company margins come under pressure
Aggregate forecasts for earnings often exclude extraordinary items, making the market look cheaper than it is
Oil and gas majors drive payouts of $415bn
Seven investment trusts have achieved more than 50 years of dividend growth — even in tough times
Groups that disappointed on both profit and sales have underperformed the market by almost 7%
British chancellor is considering reducing tax rate gap between capital and labour
Look for value in unloved sectors such as carmaking
International Edition